Support for young entrepreneurs.

• Author: GOULIQUER, DIANNE
• Position: Brief Article

Thanks to a partnership recently forged between the Canadian Youth Business Foundation (Youth Business), the Northwestern Ontario Technology Centre (NOTC) and the Young Entrepreneurs of Thunder Bay YETB, aspiring young entrepreneurs in Thunder Bay have easier access to the funding necessary to start up their own businesses.

The Canadian Youth Business Foundation is a non-profit, private sector initiative, that provides micro-credit financing, mentoring and on-line support. to young Canadians between the ages of 18 and 29, while NOTC is a full service business centre dedicated to developing young,' technology-based companies through support; sound business advice and a nurturing environment.

Melissa Gorrie, a youth co-ordinator for Youth Business, NOTC and YETB, says the partnership allows for a unique new service in Thunder Bay because it is geared specifically to youth.

Applicants with the most viable business plans are selected by a volunteer panel of business and community leaders to receive start-up financing.

Under the partnership, small business financing will be available specifically to Thunder Bay's young entrepreneurs. In addition to this, local entrepreneurs will be able to capitalize on Youth Business' other two programs: Mentoring and YouthBusiness.com. The latter is a comprehensive, interactive, on-line resource that provides information, feedback and support in a virtual community

"The funding is basically coming from CIBC and Royal bank," Gorrie says. "They support the Canadian Youth Business Foundation, so they're the partners for that"

Gorrie says an added benefit is the boost the initiative will give to Young Entrepreneurs of Thunder Bay, a group of young business people who act as a voice for young entrepreneurs by providing educational seminars, social and networking opportunities and peer support.

"The Young Entrepreneurs (of Thunder Bay) are already established," Gorrie says. "(They) will benefit by getting the people who are getting the loans from Youth Business to join their association. That's why there's a partnership between them."

But the greatest benefit, Gorrie says, is the support young entrepreneurs will receive for their business ventures from YETB and others who have experienced the same triumphs and challenges. It could be the difference between keeping aspiring entrepreneurs in Thunder Bay or having them seek business...